South Island investor Carr Group has bought Elders Rural Services New Zealand for an undisclosed amount from ASX-listed Elders Australia and New Zealand-based Sredle Rural Services.
The Ashburton-based investor is adding to its Winslow agribusiness and chief executive Craig Carr said there were no immediate plans to change either business. Winslow is a conglomerate of rural-focused businesses including farming and dairy machinery services, grain, feed and seed companies as well as owning The Honey Company, while Elders Rural Services has livestock and wool agents across the country, farm supplies and rural insurance offerings.
"It will be business as usual and as we settle in we will look for synergies between both business to ensure we achieve business efficiencies," Carr said. "Bringing together two strong agribusinesses under one New Zealand entity will not only expand our footprint within New Zealand but also across the global marketplace where we currently operate and export to more than 40 countries."
Last year, Elders Australia rejected an offer from Ruralco Holdings for its rural services business, which included its half stake in New Zealand's Elders Rural Holdings. The Australian company put its Rural Services division up for sale October 2012 but has since restructured the business is no longer planning to sell the unit.
Elders' ASX-listed shares rose 14 percent to 16 Australian cents.